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Dec 1, 2012
12/12
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. >> we're now a month away from the so called fiscal cliff. a drastic combination of mandatory spending cuts and tax hikes that could plunge the united states back into a recession. while there are plenty of hard w0rds from both sides, some terms of a possible zeal are making the rounds. kate bolduan has been following the back and fourth. >> don't get too excited about that, there's only one way to avoid the fiscal cliff. spending cuts and tax hikes. house republicans and president obama need to strike a deal on reducing the national debt. they have soundly rejected a white house offer that included $1.6 trillion in revenue, $400 billion in medicare and other entitlement savings, as well as a permanent increase in the debt limit among other things. so far, the rhetoric has not softened. treasury secretary tim geithner arriving on capitol hill for high level talks, most notably with house speaker john boehner. >> good morning, everyone. >> how did it go? just listen. >> despite the claims that the president supports a balanced approach, the de
. >> we're now a month away from the so called fiscal cliff. a drastic combination of mandatory spending cuts and tax hikes that could plunge the united states back into a recession. while there are plenty of hard w0rds from both sides, some terms of a possible zeal are making the rounds. kate bolduan has been following the back and fourth. >> don't get too excited about that, there's only one way to avoid the fiscal cliff. spending cuts and tax hikes. house republicans and...
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Dec 7, 2012
12/12
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FOXNEWS
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go over the fiscal cliff. take $1.2 trillion out of spending and tax hikes, stops the spending. mandatory spending cuts across the board. you know what? the only way to do it. only way to do it. everything else is chump change. >> dana: how do you deal with deficit reduction if you raise the taxes on a portion of the country that will pay for the government for 8.5 days? >> bob: you couple that with the social security adjustments and medicare. 'canes that is not what geithner put on the table. >> dana: that is going to be on -- >> bob: that is what is going to be on the table. >> dana: republicans held their feet on the fire. >> bob: whatever it took. >> greg: i used to think howard dean was a proctologist because he had his head up his butt but he pulled the curtain back. it's never about raising taxes on the rich because you run out of rich. >> andrea: right. >> greg: that is the point. >> eric: raise tax on everyone who pays taxes or everyone? everyone means the poor and 47% will start paying. >> greg: if you raise taxes up 2%, eight days of government? >> andrea: the dirty
go over the fiscal cliff. take $1.2 trillion out of spending and tax hikes, stops the spending. mandatory spending cuts across the board. you know what? the only way to do it. only way to do it. everything else is chump change. >> dana: how do you deal with deficit reduction if you raise the taxes on a portion of the country that will pay for the government for 8.5 days? >> bob: you couple that with the social security adjustments and medicare. 'canes that is not what geithner put...
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Dec 28, 2012
12/12
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cliff. >> spending cuts this is based on good intentions, a framework or agree to agree to spending cuts down the road and this is the criticism that historically, sort of ad nauseam, that there are those good intentions that never through. >> all of the republicans will hear grover norquist recite over and over, every time they promise spending cuts in exchange for tax hikes, the tax hikes came, the spending cuts never came. >> and how long will the road be in terms of what the subpoenaing cuts might or might not be? that will prolong the uncertainty in the market. and with the ceo conference call in the 6:00 hour, that should be very interesting. will we feel the effect of this in the first quarter earnings and gdp, other economic data points. >> it puts republican caucus in the house in the position of having to decide whether no deal is better than a bad deal. >> you know, melissa, if i could chime in, one thing, you didn't hear the president talking about the debt ceiling, and the treasury secretary says we'll start running up against the debt ceiling on monday. that's a very c
cliff. >> spending cuts this is based on good intentions, a framework or agree to agree to spending cuts down the road and this is the criticism that historically, sort of ad nauseam, that there are those good intentions that never through. >> all of the republicans will hear grover norquist recite over and over, every time they promise spending cuts in exchange for tax hikes, the tax hikes came, the spending cuts never came. >> and how long will the road be in terms of what...
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Dec 17, 2012
12/12
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with two weeks left before year end, the looming fiscal cliff, automatic spending cuts and tax increases set to go into effect, january 1 is stoking concern from washington to wall street. my next guest has been a key figure in the debate. grover norquist president of americans for tax reform. it's good to see you again. thank you for joining us. >> good to be with you, maria. >> since 1986, republicans have been sighing your taxpayer protection pledge. as we get closer to the fiscal cliff scenario, will some of the people who signed on to no new taxes have to concede and agree to revenue increases in the form of higher tax rates? >> well, obviously, the president is trying to drive in that direction. the republicans have some leverage as well. two years ago, obama said he didn't want to hurt the economy, so he didn't want to raise rates on anyone. evidently that his job is secure, he's less interested in everybody else's job, so he is interested in raising top rates, capital gains taxes, subchatter "s" corporation taxes. although that's going to be awfully rough on the economy if he pul
with two weeks left before year end, the looming fiscal cliff, automatic spending cuts and tax increases set to go into effect, january 1 is stoking concern from washington to wall street. my next guest has been a key figure in the debate. grover norquist president of americans for tax reform. it's good to see you again. thank you for joining us. >> good to be with you, maria. >> since 1986, republicans have been sighing your taxpayer protection pledge. as we get closer to the...
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Nov 28, 2012
11/12
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KNTV
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cliff. we'll take a look at that. yahoo!'s melissa meyer talks out for the first time. >>> welcome back, everybody. it's 5:12 right now. yahoo! ceo melissa meyer will meet with president obama today. >> although she did speak out for the first time at a fortune magazine event last night. fortune listed her in its most powerful women list. video here from the fortune event provided by the magazine to the "today" show. meyer is the youngest ceo in the fortune 500. she said her top three priorities are god, family and yahoo!. we're going to hear more about this. meyer will be meeting with the president as well, the leader this afternoon. google also busy in washington. bloomberg reports larry page, the ceo, has been meeting with federal trade commission as we get this much closer to what many see as antitrust. at question, does google use its search results to strengthen its own business interests. for that and the rest of your news, we'll turn to bertha coombs at cnbc. >> good morning, scott.
cliff. we'll take a look at that. yahoo!'s melissa meyer talks out for the first time. >>> welcome back, everybody. it's 5:12 right now. yahoo! ceo melissa meyer will meet with president obama today. >> although she did speak out for the first time at a fortune magazine event last night. fortune listed her in its most powerful women list. video here from the fortune event provided by the magazine to the "today" show. meyer is the youngest ceo in the fortune 500. she...
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Dec 31, 2012
12/12
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the spending cuts and tax hikes are expected to take effect. >> the night before the fiscal cliff. the senate gave up until tomorrow. >> there is still time to reach an agreement. >> they dropped the demand to cut social security. >> i am optimistic we can live move legislation and get this averted before tomorrow. >> the taxes will go up on most americans. huge cuts kick in. >> i think it is obvious president obama wants us to go over the fiscal cliff. >> president obama blamed republicans. >> they say the biggest priority is making sure they deal with the deficit in a significant way. they are behaving in a way that they're only priority is that the tax breaks for the wealthiest americans are protected. blacks mitch mcconnell is vowing to find out. -- >> mitch mcconnell is vowing to find out. >> can the senate veteran help congress tumble to a deal on the last day? >> if we do go off the fiscal cliff, congress would be more likely to make a deal. members could claim they are cutting taxes. >> thank you. if america does fall off the fiscal cliff on the first of the year, maryland
the spending cuts and tax hikes are expected to take effect. >> the night before the fiscal cliff. the senate gave up until tomorrow. >> there is still time to reach an agreement. >> they dropped the demand to cut social security. >> i am optimistic we can live move legislation and get this averted before tomorrow. >> the taxes will go up on most americans. huge cuts kick in. >> i think it is obvious president obama wants us to go over the fiscal cliff....
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Nov 15, 2012
11/12
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i mean, do we need to go over the fiscal cliff with the four spending cuts and tax hikes to get things moving? >> there are leaders in both parties who think it would be to their advantage to go off the fiscal cliff. what a wonderful trait that is. we can win more as democrats if we let it go over. we can win more as republicans. this whole game is about win or lose. it's not about america. it's about how do we make the dems lose and how do we make the republicans lose. people are sick of that, and they're ashamed to have and disgusted. they show that time after time. i can tell you, you can't believe what we've dug up. when you get a vote from dick durbin of illinois and a vote from tom coburn of oklahoma, you get five democrats, five republicans, one independent, 60% of this group that vote for this, you know you're on the right track. >> maria, if we go over this fiscal cliff and don't get a deal immediately, what's the economic effects next year? you know, we've talked about some of the qualitative effects. quantitatively, you know, economic growth will be reduced by about 3%. we'r
i mean, do we need to go over the fiscal cliff with the four spending cuts and tax hikes to get things moving? >> there are leaders in both parties who think it would be to their advantage to go off the fiscal cliff. what a wonderful trait that is. we can win more as democrats if we let it go over. we can win more as republicans. this whole game is about win or lose. it's not about america. it's about how do we make the dems lose and how do we make the republicans lose. people are sick of...
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Nov 10, 2012
11/12
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the fiscal cliff and spending cuts will wreak havoc. spending cuts would take $1.2 trillion over ten years, 100 billion in the first year. >> these are big cuts, ten to 14% in programs, a quarter of the way through their fiscal year. that's bad policy and dangerous. >> the biggest stumbling block is tax increases. everyone wants to extend the bush tax cuts for those making less than 250,000 a year. the president, however, wants to raise taxes on those making more, and add other taxes to boot. some analysts argue that would crush small businesses which create two-thirds of all jobs. >> the tax increases that president obama has fought for would actually increase taxes on small businesses by about $50 billion a year going forward. >> in 2010 when the economy was growing at 2.3%, president obama extended all the tax cuts, saying the economy was too weak to digest a tax increase. now the economy is growing at only 2%, but mr. obama is forging ahead and senator reid argues he got a mandate to do so. >> the president campaigned around the cou
the fiscal cliff and spending cuts will wreak havoc. spending cuts would take $1.2 trillion over ten years, 100 billion in the first year. >> these are big cuts, ten to 14% in programs, a quarter of the way through their fiscal year. that's bad policy and dangerous. >> the biggest stumbling block is tax increases. everyone wants to extend the bush tax cuts for those making less than 250,000 a year. the president, however, wants to raise taxes on those making more, and add other...
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Dec 21, 2012
12/12
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. >> eric: speak on fiscal cliff, deficit. spending. >> bob: he is what freshman -- >> dana: who was more qualified than he was? >> eric: he was more qualified than most other senators. >> andrea: we are not talking about his qualifications. all the left wants to talk about is the skin color. same with rg3. he came out and said i don't want to be defined by my race, but that is the only way the left sees to define blacks. >> bob: do you think nikki haley would have appointed him if he was white? >> andrea: sure. >> dana: sure. why not? >> andrea: why is it race? >> dana: how can you say that after all the other things you say, it's inconsistent to say do you think nikki haley would have chosen him -- do you think it was political reasons? >> bob: yes. >> eric: did barack obama appoint eric holder because he was black? >> bob: i assume he was his friend. >> dana: did bush appoint condoleezza rice because she was black? colin powell? education secretary? >> bob: do i think race factors in the selection of cabinet members? yes. >
. >> eric: speak on fiscal cliff, deficit. spending. >> bob: he is what freshman -- >> dana: who was more qualified than he was? >> eric: he was more qualified than most other senators. >> andrea: we are not talking about his qualifications. all the left wants to talk about is the skin color. same with rg3. he came out and said i don't want to be defined by my race, but that is the only way the left sees to define blacks. >> bob: do you think nikki haley...
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Dec 23, 2012
12/12
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we saw a drop-off of spending as the fiscal cliff seemed to be more and more real as all the talks fell apart. >> gregg: we are seeing other things. average work weeks in some regions shrinking, online job posting may be declining, think that i was in minnesota and insurance claims are rising? >> they are tough to read the tea leaves but what we are seeing is consumers which is the driving engine of this economy, three-quarters of g.d.p. is consumer spending, we are seeing consumers, we got record traffic but they are not spending. this next couple of days, one more shopping day until christmas, usually about 10% of consumers spend on that day. also looking for the big deals. that is another thing we are sees retailers putting discounts late in the season. that may mean fewer jobs in the future. >> gregg: the question is, as we said, how do we stimulate growth in the higher paying technology and manufacturing sectors? >> first of all before we ring the death bell on manufacturing, u.s. is above china. we are seeing a resurgence of factory jobs, guess where. >> gregg: southeast. >> why.
we saw a drop-off of spending as the fiscal cliff seemed to be more and more real as all the talks fell apart. >> gregg: we are seeing other things. average work weeks in some regions shrinking, online job posting may be declining, think that i was in minnesota and insurance claims are rising? >> they are tough to read the tea leaves but what we are seeing is consumers which is the driving engine of this economy, three-quarters of g.d.p. is consumer spending, we are seeing...
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Dec 29, 2012
12/12
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well, forget the fiscal cliff. washington might be sending cows washington might be sending cows off a cliff. ♪ music kids will spend 22 minutes watching us, the super duper party troopers, sing about ants in their pants. brushing for two minutes now, can save your child from severe tooth pain later. two minutes twice a day. they have the time. ♪ tom: washington still fighting over the debt deal. farmers are worried about dairy deal. the farm bill is set to expire at the end of the year along with everything else that is going on. the senate agricultural committee chairwoman pushing for a short-term extension to avert the cliff. but if that does not happen, no prices -- milk prices to go up to $8 per gallon. the supermarket group on how this is going to turn consumers soured. you bet that would. that's about double. >> it is about double. it will increase, hopefully not. you are between three and $4 a gallon. it is not just about melt. this is a food cliff. we talk about the financial cliff. keep in mind, we're
well, forget the fiscal cliff. washington might be sending cows washington might be sending cows off a cliff. ♪ music kids will spend 22 minutes watching us, the super duper party troopers, sing about ants in their pants. brushing for two minutes now, can save your child from severe tooth pain later. two minutes twice a day. they have the time. ♪ tom: washington still fighting over the debt deal. farmers are worried about dairy deal. the farm bill is set to expire at the end of the year...
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Dec 30, 2012
12/12
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cliff most of the attention is about taxes going up and that being the so called fiscal cliff but the other side of that cliff is that the massive spending cuts automatic cuts are kicking in at the beginning of next year. largely targeted at the pentagon. and what is interesting is all of this deal making we are talking about on capitol hill would really just focus on unemployment benefits and tax side of the cliff as i mentioned and most of deals it appears would not shut off the so called sequester that would hit the pentagon. on "fox news sunday" senator lindsey graham told chris wallace he got a call from the defense secretary suggesting these cuts are coming. lake a listen. >> i was called by leon panetta at 7:30 during dinner. >> secretary of defense. >> this is the failure of the supercommittee to find $1.2 trillion in cuts. half of the 1.2 falls on defense who already cut. he says if we do this we will shoot the defense department in the head and send out 800,000 layoff notices the beginning of the year. he is worried to death if we don't fix sequestration we will destroy the
cliff most of the attention is about taxes going up and that being the so called fiscal cliff but the other side of that cliff is that the massive spending cuts automatic cuts are kicking in at the beginning of next year. largely targeted at the pentagon. and what is interesting is all of this deal making we are talking about on capitol hill would really just focus on unemployment benefits and tax side of the cliff as i mentioned and most of deals it appears would not shut off the so called...
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Nov 19, 2012
11/12
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. >>> we all know how much falling off the fiscal cliff will impact taxes and federal spending but how will it affect the states and people who live in them? steve liesman has more bad news on the fiscal cliff. >> this thing is designed to cause pain throughout the country. our mapping of this using diver and lumius, their technology, they were able to heat map federal spending. it does cause pain throughout the country. this is a map, a county by county map of the united states that breaks down by color federal spending per capita. what you see is the red goes from $20,000 to $175,000, yes, all the way down to just $1,000. along the eastern seaboard that's a lot of fema. fema will take an 8% hit. in florida, a lot of social security spending. up here you have the risk management association -- sorry, agency, from department of agriculture. crop subsidy and drought relief comes through here. education, public assistance. the whole spectrum, pretty much, are subject to 8% cuts. let's take a look by state when we look at the total count here. this is from the pew research center. we find
. >>> we all know how much falling off the fiscal cliff will impact taxes and federal spending but how will it affect the states and people who live in them? steve liesman has more bad news on the fiscal cliff. >> this thing is designed to cause pain throughout the country. our mapping of this using diver and lumius, their technology, they were able to heat map federal spending. it does cause pain throughout the country. this is a map, a county by county map of the united states...
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Oct 14, 2012
10/12
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growth back is the fiscal cliff. you mentioned it earlier. it's looming for businesses and investors out there. how do you think it's going to be resolved when all is said and done? >> i think once the election is over, bill, regardless of who wins, we'll deal with the cliff. if the president is reelected, then the republicans will deal with it because they know that the president's leaving in four years. if the republicans win, there will be running to try to fix things. i think it will be dealt with. it might be messy. i don't think it's in either party's interest to have massive tax hikes go in as planned. it will be dealt with. the economy will avoid a recession. congress and washington in general is not that irrational. >> so many head winds. in your view, bottom line, is the u.s. still the best house in a bad neighborhood? what should investors be doing? >> one should not panic. start to take money out of the bond portfolios that have been seeing massive inflows. perhaps some of the more cyclical names, move aw
growth back is the fiscal cliff. you mentioned it earlier. it's looming for businesses and investors out there. how do you think it's going to be resolved when all is said and done? >> i think once the election is over, bill, regardless of who wins, we'll deal with the cliff. if the president is reelected, then the republicans will deal with it because they know that the president's leaving in four years. if the republicans win, there will be running to try to fix things. i think it will...
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May 16, 2012
05/12
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KRCB
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economy is heading over a fiscal cliff. that cliff is the expiration of tax cuts and the start of deep spending cuts in the federal budget scheduled early next year. darren gersh reports. >> reporter: just like the rest of us, the federal reserve is waiting to see where the economy goes next. at its late april meeting, minutes released today show several members of the fed's policy making committee thought more bond purchases might make sense. "if the economic recovery lost momentum or the downside risks to the forecast became great enough." after the fed's last meeting, only a couple members felt that more so-called quantitative easing might be needed. so what are the risks for the american economy? deeper trouble from europe, for one. or trouble could come from the fed's neighbors in washington. if congress and the president can't resolve their difference before tax breaks expire or spending cuts take holnext year, the fed minutes show bernanke and his colleagues are worried the fighting over the debt limit could hold bac
economy is heading over a fiscal cliff. that cliff is the expiration of tax cuts and the start of deep spending cuts in the federal budget scheduled early next year. darren gersh reports. >> reporter: just like the rest of us, the federal reserve is waiting to see where the economy goes next. at its late april meeting, minutes released today show several members of the fed's policy making committee thought more bond purchases might make sense. "if the economic recovery lost momentum...
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Jun 11, 2012
06/12
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CSPAN3
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much of the talk in washington these days is focused on the so-called fiscal cliff. we need to address those crucial spending and tax decisions by the end of this year. but we must reach agreement on a long-term balanced deficit and debt reduction plan. as the bipartisan policy center's plan recognizes, everyone needs to contribute. deficit reduction must include both spending and revenues. it needs to ramp up over time to avoid slowing down economic recovery. but as we address the deficit, we must look a couple steps ahead to the next great challenge on the horizon. that is tax reform. tax reform is a once in a generation opportunity. we can celebrate america's preeminence. the work has begun. last year the committee began a comprehensive review of our tax system. we've held numerous roundtable discussions. we've reached out to businesses, labor groups, tax experts and many others for input. we have held hearings to study the specifics. i'm making progress on a detailed tax reform proposal that will attract bipartisan support. we know tax reform won't be easy. we wi
much of the talk in washington these days is focused on the so-called fiscal cliff. we need to address those crucial spending and tax decisions by the end of this year. but we must reach agreement on a long-term balanced deficit and debt reduction plan. as the bipartisan policy center's plan recognizes, everyone needs to contribute. deficit reduction must include both spending and revenues. it needs to ramp up over time to avoid slowing down economic recovery. but as we address the deficit, we...
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Nov 17, 2012
11/12
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FBC
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chaos. >> drive the economy off the fiscal cliff. john: really? one says sequestration may be okay. russ roberts comment not a horrible crisis? >> government spending is 3.8 trillion. you will cut 100 billion? that is o deck chair on the titanic. john: it is good across the board. >> if their actual cuts. i would do 20% across-the-board but that scares people because they think let's save the things that are important and cut the things that arnot. it is all important. the tax increases sound scarier of 400 billion but we have a $1 trillion deficit. each year we spend $1 trillion more than we take 10. so to raise taxes by 400 billion we have already raised them 1 trillion in the future. it is probably a good idea to say the spending is not a free lunch. john: and they're not talking about get rid of deductions and make it simpler. >> tax reform is great there is good and bad some deductions wold be good some others may be not so good but the limitation to take advantage of the fiscal cliff would be good for the economy to simplify th
chaos. >> drive the economy off the fiscal cliff. john: really? one says sequestration may be okay. russ roberts comment not a horrible crisis? >> government spending is 3.8 trillion. you will cut 100 billion? that is o deck chair on the titanic. john: it is good across the board. >> if their actual cuts. i would do 20% across-the-board but that scares people because they think let's save the things that are important and cut the things that arnot. it is all important. the tax...
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Aug 3, 2012
08/12
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you're looking at the election and you know you a fiscal cliff, layoffs and spending programming going a way and tax cuts, and at that point that is the uncertainly there holding businesses back. we have one month of relief here it looks oak even though it's not at the number it should be at, but what's down the road, ahead of the collection, is keeping businesses unable to put heads on the payroll. >> i think they will solve the fiscal cliff crisis after the election before the end of the year. >> i thought it would be before the election. >> it will solve the problem, it won't be pretty, but we'll see the sausage being made. >> but bill, it is enough time? >> of course it's not enough time. >> you have a month and a quarter before the end of the year. >> it's when congress works, they just went on hiatis right now, the farm relief bill -- >> and this drought, i just don't understand what's going on in washington. these guys took a vacation and we have all of these issues. >> it's a year divided by four. the election is coming up in november. the bigger issue is with europe and they h
you're looking at the election and you know you a fiscal cliff, layoffs and spending programming going a way and tax cuts, and at that point that is the uncertainly there holding businesses back. we have one month of relief here it looks oak even though it's not at the number it should be at, but what's down the road, ahead of the collection, is keeping businesses unable to put heads on the payroll. >> i think they will solve the fiscal cliff crisis after the election before the end of...
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Nov 30, 2012
11/12
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spending cuts at the end of the fiscal year. it has really shocked republicans this year on capitol hill. they say it calls for, for one thing, $1.6 trillion in new tax hikes over a decade. it is also stimulus spending and the spending cuts. both sides are necessary to reduce the deficit. those the president would largely tackle later perhaps next year. >> first despite the claims that the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. no substantive progress has been made in the talks between the white house and the house over the last two weeks. listen, this is not a game. jobs are on the line. the american economy is on the line and this is a moment for adult leadership. >> perhaps most su prirprising the white house proposal to get the president just about unlimited power to raise the nation's debt sealiceiling and w more and more money unless they reject. these will be tough negotiations ahead. we got a little sample of this yesterday from senate majority leader talki
spending cuts at the end of the fiscal year. it has really shocked republicans this year on capitol hill. they say it calls for, for one thing, $1.6 trillion in new tax hikes over a decade. it is also stimulus spending and the spending cuts. both sides are necessary to reduce the deficit. those the president would largely tackle later perhaps next year. >> first despite the claims that the president supports a balanced approach, the democrats have yet to get serious about real spending...
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Dec 31, 2012
12/12
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. >> under current law on january 1st, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases. i hope that congress will look at that and figure out ways to achieve the same long-run fiscal improvement without having it all happen at one date. >> there's still significant distance between the two sides, but negotiations continue. there's still time left to reach an agreement. and we intend to continue negotiations. >> and so, here we are, new year's eve, and the country counts down to popping champagne corks, the ball dropping in times square, and going over the fiscal cliff. if congress fails to act in the remaining hours of 2012, taxes will go up on all americans and a series of mandatory government spending cuts will kick in. hello, new year. hello, new recession. after two years of missing self-imposed deadline after self-imposed deadline, all eyes were on the senate over the weekend as the house's failure to even bring a plan to a vote left it up to the upper chamber to find a way out. vice president biden who had remained on the sidelines in this r
. >> under current law on january 1st, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases. i hope that congress will look at that and figure out ways to achieve the same long-run fiscal improvement without having it all happen at one date. >> there's still significant distance between the two sides, but negotiations continue. there's still time left to reach an agreement. and we intend to continue negotiations. >> and so, here we are, new...
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Nov 26, 2012
11/12
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and the fiscal cliff. how are we going to rise above when you take certain things off the table? >> also, after the bell, americans spending billions of dollars this holiday season on their pets. we'll speak exclusively to the ceo of one of the companies cashing in on that. >> look at that kitty. >> the cats are being left out. you're watching cnbc first in business worldwide. if we want e our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. look this isn't my first christmas. these deals all seem great at the time... but later, not so much. this isn't that kind of deal. [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. or that printing in color had to cost a fortune. nobody said an all-in-one
and the fiscal cliff. how are we going to rise above when you take certain things off the table? >> also, after the bell, americans spending billions of dollars this holiday season on their pets. we'll speak exclusively to the ceo of one of the companies cashing in on that. >> look at that kitty. >> the cats are being left out. you're watching cnbc first in business worldwide. if we want e our schools... ... what should we invest in? maybe new buildings? what about updated...
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Nov 23, 2012
11/12
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fiscal cliff," end quote. here's what he was describing: on january 1, 2013, tax breaks worth $416 billion will expire. spending on things like defense, medicare payments to doctors will be slashed by $65 billion. add it all up and you are talking about cutting roughly half a trillion dollars from the federal budget. the congressional budget office and others warn going over the cliff will send the economy into a recession in the first half of next year. it was congress and the white house that set the deadline in hopes of forcing each other to cut the federal budget deficit and begin to address the growing national debt. of the half trillion dollars the fiscal cliff is designed to cut in red ink next year, 80% of it comes in the form of higher taxes. under current law, 20% comes from lowering government spending. this is just the first step as part of a $7 trillion effort to cut the debt over the next decade. that has led some to describe what could be coming as a fiscal slope, not a cliff. whatever geologica
fiscal cliff," end quote. here's what he was describing: on january 1, 2013, tax breaks worth $416 billion will expire. spending on things like defense, medicare payments to doctors will be slashed by $65 billion. add it all up and you are talking about cutting roughly half a trillion dollars from the federal budget. the congressional budget office and others warn going over the cliff will send the economy into a recession in the first half of next year. it was congress and the white house...
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Nov 9, 2012
11/12
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. >> on january 21st, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases. >> reporter: so what exactly is the fiscal cliff? it's a nightmare combination of tax hikes and spending cuts that congress and the president agreed to to force themselves into a compromise, but so far they haven't agreed on anything. so barring a last-minute fix at the stroke of midnight on new year's eve the bush tax cuts expire, the alternative minimum tax kicks in, more than half of all married couples with two children would owe and additional $4,000 in taxes a year. for those with three or more children that jumps to $4700. on top of that, the 2011 temporary payroll tax cut would expire. so add on a 2% tax increase for most workers. then there would be automatic spending cuts in 1,000 government programs, including defense, medicare, extended unemployment benefits. everything but veterans benefits, social security, and federal pensions. economists say that combination would act as a brake on the economy throwing it back into recession and could cause a market crash. >
. >> on january 21st, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases. >> reporter: so what exactly is the fiscal cliff? it's a nightmare combination of tax hikes and spending cuts that congress and the president agreed to to force themselves into a compromise, but so far they haven't agreed on anything. so barring a last-minute fix at the stroke of midnight on new year's eve the bush tax cuts expire, the alternative minimum tax kicks in,...
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Dec 29, 2012
12/12
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cliff and take other major decisions on taxes and spending to the future. again, in an afternoon white house meeting president obama pitch a debt plan he had outlined a week ago, prevent a tax increase for income of less than to an effective thousand dollars per year and extend long-term unemployment benefits. senate leaders are using that framework to try to craft a proposal to pass both houses of congress. aides say it would likely increase the threshold for tax increases, reversing massive pay cut from medicare doctors, and elections of millions of americans to avoid paying the alternative minimum tax. an increase in the debt ceiling is not part of the discussion. that is significant development for house republicans who won any increase in the borrowing limit it accompanied by an equal amount in spending cuts taking the debt ceiling of the table making it much easier for the scaled-down version to be negotiated. from here senate leaders will try to secure an agreement by sunday morning. if so, democrats and republicans will try to sell its house and sen
cliff and take other major decisions on taxes and spending to the future. again, in an afternoon white house meeting president obama pitch a debt plan he had outlined a week ago, prevent a tax increase for income of less than to an effective thousand dollars per year and extend long-term unemployment benefits. senate leaders are using that framework to try to craft a proposal to pass both houses of congress. aides say it would likely increase the threshold for tax increases, reversing massive...
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Dec 10, 2012
12/12
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MSNBC
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why aren't you for going over the fiscal cliff? i heard you yesterday saying it would be catastrophic, but let me read you estimates. we go over the cliff, we suddenly have -- we're basically taking in as much money as we're spending over a five-year period. yes, the economy is in bad shape in 2013 but by 2018 we'd have a debt to gdp ratio of 1.1%. isn't this simpson-bowles on steroids? >> you know, it's no different than what happened over in the uk, in my opinion. they had a similar proposal to what we proposed with dollar revenue and $3 worth of spending cuts. they had a cost benefit analysis they did on all the spending programs, they raised the retirement age. they slowed the rate of growth of health care and they tried to get to balance in four or five years. and we thought at the time the debt was too much too quick that amount of austerity would really, you know, lead to a recession. that's why we had as our number one priority in our program that we didn't want to do anything to disrupt a very fragile economic recovery, so
why aren't you for going over the fiscal cliff? i heard you yesterday saying it would be catastrophic, but let me read you estimates. we go over the cliff, we suddenly have -- we're basically taking in as much money as we're spending over a five-year period. yes, the economy is in bad shape in 2013 but by 2018 we'd have a debt to gdp ratio of 1.1%. isn't this simpson-bowles on steroids? >> you know, it's no different than what happened over in the uk, in my opinion. they had a similar...
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Dec 28, 2012
12/12
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the fiscal cliff would trigger tax increases and government spending cuts in january, leaving far less money in the economy. the international monetary fund warrants of knock on effects for the global economy. -- warns of knock on effects for the global economy. the pressure is on in washington to agree on a plan. only then might the applause on wall street be a little more genuine. >> with the clock ticking ever more loudly in washington, let's bring in our correspondent. first off, are the prospects of an agreement as dim as we are hearing, or could there be a last-minute deal? then of course this could happen, but i think it is quite unlikely. there is an increased pessimism that a deal can be achieved in washington, d.c. from my perspective, i think washington moves too slowly. tax rates will go for all americans, and cuts will go into effect by the end of this year, and we will see no more unemployment benefits for about 2 million americans. >> there are some technicalities here. what are the government's contingency plans? for example, how will it go about paying bills if no deal
the fiscal cliff would trigger tax increases and government spending cuts in january, leaving far less money in the economy. the international monetary fund warrants of knock on effects for the global economy. -- warns of knock on effects for the global economy. the pressure is on in washington to agree on a plan. only then might the applause on wall street be a little more genuine. >> with the clock ticking ever more loudly in washington, let's bring in our correspondent. first off, are...
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Dec 9, 2012
12/12
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. >> if nothing is done by the end of the year to avoid the fiscal cliff, automatic federal spending cuts could impact the foot we eat. emily schmidt explains. >> preparing for holidays is a reminder of something else around the corner. >> i just can't imagine funding being cut at this point. it was be tragic. >> she is worried budget cuts would hurt food safety inspection. that's mattered to her since her twins her born in 1999. she and her babies got listeria poisoning. contaminated food sickens about 48 million a year. 3,000 die. so the fda and usda are charged with protecting the simply. an 8.2 budget cut translates to $157 million. there's no word exactly what cuts would mean to staffing. >> both fda and usda are stretched pretty thin when it comes to the activities they do. they need increased resources and not fewer. >> agencies always say they're stretched. >> dean clancy is with freedom works and says the cuts leave nothing to fear. >> arguing that getting spending under control endangers public health and safety is a really irresponsible scare tactic. especially when you re
. >> if nothing is done by the end of the year to avoid the fiscal cliff, automatic federal spending cuts could impact the foot we eat. emily schmidt explains. >> preparing for holidays is a reminder of something else around the corner. >> i just can't imagine funding being cut at this point. it was be tragic. >> she is worried budget cuts would hurt food safety inspection. that's mattered to her since her twins her born in 1999. she and her babies got listeria...
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Nov 16, 2012
11/12
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FBC
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create chaos. >> drive the economy off the fiscal cliff. john: really? one says sequestration may be okay. russ roberts comment not a horrible crisis? >> government spending is 3.8 trillion. you will cut 100 billion? that is one deck chair on the titanic. john: it is good across the board. >> if their actual cuts. i would do 20% across-the-board but that scares people because they ink let's save the things that are important and cut the things that are not. it is all important. the tax increases sound scarier of 400 billion but we have a $1 trillion deficit. each year we spend $1 trillion more than we take 10. so to raise taxes by 400 billion we have already raised them 1 trillion in the future. it is probably a good idea to say the spending is not a free lunch. john: and they're not talking about get rid of deductions and make it simpler. >> tax reform is great there is good and bad some deductions would be good some others may be not so good but the limitation to take advantage of the fiscal cliff would be good for the economy to simplify
create chaos. >> drive the economy off the fiscal cliff. john: really? one says sequestration may be okay. russ roberts comment not a horrible crisis? >> government spending is 3.8 trillion. you will cut 100 billion? that is one deck chair on the titanic. john: it is good across the board. >> if their actual cuts. i would do 20% across-the-board but that scares people because they ink let's save the things that are important and cut the things that are not. it is all...
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Jul 23, 2012
07/12
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CNBC
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the fiscal cliff represents $600 billion hit. $400 billion in higher taxes. $200 billion in spending cuts. 4% of gdp. follow your nose to realize you're going to have a recessionful if you use christina rumor's research you get 10% declines in gdp and a spike in unemployment. this is not playing russian roulette with live ammunition. it's playing with howitzers. >> why would you want america to go into a deep recession? >> that's not going to happen. the cbo says we'll have two quarters of 1.3 recession but by the end of the year will be at 2.3% growth. i believe washington is incapable of dealing with this. this isn't the perfect solution, but you will raise taxes which we need to do and cut spending, especially the defense department which hasn't been cut for years because of all the pork in it. we need to get rid of the deficit. one thing doug and i agree. we don't agree on how to get rid of it. but we need to get rid of the deficit. congress has done nothing for years. this is going to be what happens and i think it will. there is not a chance the republicans will aa low us to ra
the fiscal cliff represents $600 billion hit. $400 billion in higher taxes. $200 billion in spending cuts. 4% of gdp. follow your nose to realize you're going to have a recessionful if you use christina rumor's research you get 10% declines in gdp and a spike in unemployment. this is not playing russian roulette with live ammunition. it's playing with howitzers. >> why would you want america to go into a deep recession? >> that's not going to happen. the cbo says we'll have two...
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Dec 6, 2012
12/12
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CNBC
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are you expecting the economy to go over the fiscal cliff and see these taxes go high hadder and spending cuts take effect? >> my personal view is i'm still optimistic. i think the conversation has been constructive since. do we have a solution on the table yet? no. but i'm optimistic we'll get to a framework. >> why? >> there's been enough dialogue. there's been movement. everyone seems to recognize the problem. everybody realizes there has to be a revenue component, spend component, entitlement reform component. for us, the business community and all the ceos, certainty is the greatest stimulus for us. >> do you support tax rates going higher? >> me personally, as an individual, more importantly the business community, which i'm part of. we support something inclusive. if rates were higher in a videocasset vacuum, i'm not sure we'd be supportive of that. we have to make sure the consumers, those who spends a lot of the dollars, the middle class, are protected in this exercise. >> i guess the question i'm really getting at is, do you get the revenue from tax increases or from broadening
are you expecting the economy to go over the fiscal cliff and see these taxes go high hadder and spending cuts take effect? >> my personal view is i'm still optimistic. i think the conversation has been constructive since. do we have a solution on the table yet? no. but i'm optimistic we'll get to a framework. >> why? >> there's been enough dialogue. there's been movement. everyone seems to recognize the problem. everybody realizes there has to be a revenue component, spend...
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Aug 22, 2012
08/12
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FBC
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the cbo also says failure to avoid a fiscal cliff will cause gross domestic production to shrink half a percent and eliminate the 2,000 jobs. the multibillion-dollar patent trial between apple and samsung is now on the hands of a california jury. been in a heated battle in which apple accused samsung of violating numerous patents. negotiations on a new collective bargaining a renter in the national hockey league and the union representatives were called off for today. no reason was given for the sudden cancellation. doctors his will to resume thursday. the current agreement expires september 15th. we continue our "countdown to the closing bell" with a hockey fan liz claman. liz: yes, i am. when we need to talk about hitting a brand new high. nicole petallides on the floor of the new york stock exchange. >> reporter: looking at american eagle outfitters, this name doing so well moving to a 4-year highs. the profit that they have seen so far is beating the analyst estimates, now raising their guidance. also talking about the back-to-school, looking good, and preparing for that with thes
the cbo also says failure to avoid a fiscal cliff will cause gross domestic production to shrink half a percent and eliminate the 2,000 jobs. the multibillion-dollar patent trial between apple and samsung is now on the hands of a california jury. been in a heated battle in which apple accused samsung of violating numerous patents. negotiations on a new collective bargaining a renter in the national hockey league and the union representatives were called off for today. no reason was given for...
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Nov 18, 2012
11/12
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CSPAN
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the fiscal cliff is a branch the dysfunctional process that threatens our economy. what about the uncertainty of what the tax regulations will be and what regulations will be about energy policy, the national debt. we owe $16 trillion dollars. all that discourages people from investing their money in america because that's how the economy gross when someone has access to money decides to take it out of the bank and instead of gold they use to it invest in the economy and open up new business and people are afraid to do that in a country with a 16 trillion dollar debt. can't plan for regulation and energy poll state disenergy ten si vises planning and other growth in the united states. the second problem is our people don't have skills they need. it begin as societal break down. we have significant societal problems in america today. the break down of the american family has a direct impact on our economic well-being. i hear people talk about fiscal and social conservative. the social well being is linked to economic well-being. you cannot separate them and the fact
the fiscal cliff is a branch the dysfunctional process that threatens our economy. what about the uncertainty of what the tax regulations will be and what regulations will be about energy policy, the national debt. we owe $16 trillion dollars. all that discourages people from investing their money in america because that's how the economy gross when someone has access to money decides to take it out of the bank and instead of gold they use to it invest in the economy and open up new business...